Housing loan is on my name. My income does not come under taxable income, can my husband get tax benifit on it
I am employed and my income doesnot come under taxable income. My husband is not a coapplicant to the loan. As he is a taxpayer can he utilise the house loan repayment by me for tax deduction
Public Comments
- Yes, if you file a joint tax return. Otherwise no. So how can one be employed, have income and the income isn't taxable? Inquiring minds want to know. Somehow, that doesn't add up.
- No not possible unless the loan is on your husband's name
- No, as a matter of fact. There are two options, first have your hubby's name incorporated in the property records. This will require stamp duty and legal charges. He will become co-owner of the property. Second option is easier, speak to your Bank, as a co-applicant to the housing loan, he will offer to repay the loan. Bank would be too pleased to do this. They will ask for the income details. Security will remain in your name, Bank shall be re-assured of the repayment. They may insist that your hubby should join as owner of property, you can explain them it is not necessary, as the principal borowers name will be yours only. Once the Bank joins his name, he can start repaying by cheque from his account and the statement of account will have his name as joint borrower and he can tender the interest certificate for taking the rebate in tax return. Your Bank should cooperate with you in this matter. Take care.......
- i think he may get benefit...
- No, you cannot claim tax benefit as he is not a co-applicant. The property should be in his name, co-applicant for the loan & also be paying instalments.
- File a joint return, and you can claim the interest on that. If he files separately, but isn't on the mortgage, he can't take the deduction.
- u have not given the full details . who is the owner of the the property , u or your husband. if the property is in yourt name u will get the rebate but if the property is in your husbands name he cannot get the rebate unless the loan and the property are both in his name
